Despite initial reticence, more and more Swiss retail banks are turning to artificial intelligence to optimize their processes and offer new services. A recent survey by Lucerne University of Applied Sciences and Arts shows that although the use of AI is still in its infancy, the potential has been recognized, for example in the areas of data analysis and risk management.
Researchers at Lucerne University of Applied Sciences and Arts (HSLU) surveyed 45 retail banks on their use of artificial intelligence (AI), among other things. The survey revealed that almost 70 percent of the banks surveyed actively use AI. Their use is currently focused primarily on internal processes in areas such as payment transactions, document processing and data analysis (figure). However, there are signs of widespread use in other areas such as customer interaction.
AI chatbots with limits
"Banks see potential in AI for customer interaction," says co-author of the study Dr. Thomas Fischer. There are two main advantages: "Firstly, AI can answer simple queries automatically and thus relieve employees. Secondly, it can be seamlessly integrated into existing channels such as e- or mobile banking." Chatbots that access banks’ current knowledge databases are particularly widespread. "However, humans are still irreplaceable at the moment, especially when it comes to sensitive topics," emphasizes Fischer.Supporting employees with AI
The study also shows that the current focus of AI use at banks is on internal applications such as email response suggestions, data preparation and document processing. AI is increasingly being used to generate email responses, text summaries and translations in particular. "Such applications make it possible to handle repetitive tasks more efficiently and free up time for more demanding activities," Fischer continues.Outlook: Increased efficiency, personalization and security risks
"Artificial intelligence will profoundly change the banking business," predicts co-author of the study Dr. Thomas Fischer. On the one hand, it will enable more efficient and higher-quality processes, for example in credit analysis or customer service. On the other hand, it opens up new possibilities for personalizing services through the targeted evaluation of customer data. "This can significantly strengthen customer loyalty," says Fischer.At the same time, however, dependency on technologies and individual providers is also increasing - and with it the risk of security gaps. Banks are required to strengthen their IT infrastructure accordingly. "In addition to internal adjustments, it is also important to keep an eye on developments in software development and the economy as a whole in order to make targeted use of the opportunities presented by technological change," adds the head of the study.
